Advest Inc

Robert Check, the former head of the mutual funds department at Advest Inc., a Hartford, Conn.-based brokerage firm, was ordered suspended for 30 days after the firm was censured for overcharging mutual funds customers on sales commissions. Advest did not admit or deny that it failed to ensure that many of its mutual funds customers received volume discounts on sales commissions, but voluntarily changed its procedure to eliminate the overcharges and refunded $627,000 to its customers.

The scope of the Business Week insider trading scandal continued to expand Wednesday amid the disclosure that a second printing-plant employee in Torrance traded on pre-release information about stock tips in the magazine. The employee, whose identity was not disclosed, resigned before he could be fired, said a spokesman for R. R. Donnelley & Sons, which prints Business Week in Torrance and in Old Saybrook, Conn.

The scope of the Business Week insider trading scandal continued to expand Wednesday amid the disclosure that a second printing-plant employee in Torrance traded on pre-release information about stock tips in the magazine. The employee, whose identity was not disclosed, resigned before he could be fired, said a spokesman for R. R. Donnelley & Sons, which prints Business Week in Torrance and in Old Saybrook, Conn.

A stock trading scandal involving a column in Business Week magazine widened Friday as a broker in the Anaheim office of Prudential-Bache Securities was fired and brokers from two other firms were implicated. Brian J. Callahan, 28, a 3 1/2-year employee at Prudential-Bache who also wrote a personal investing summary in the Orange County Register, was fired after allegations that he received advance information of tips that would appear in the magazine's "Inside Wall Street" column.

A stock trading scandal involving a column in Business Week magazine widened Friday as a broker in the Anaheim office of Prudential-Bache Securities was fired and brokers from two other firms were implicated. Brian J. Callahan, 28, a 3 1/2-year employee at Prudential-Bache who also wrote a personal investing summary in the Orange County Register, was fired after allegations that he received advance information of tips that would appear in the magazine's "Inside Wall Street" column.

Irvine lender New Century Financial Corp. said Monday it plans to sell 3 million shares of common stock in a secondary offering. The company will offer 2.7 million shares, and certain shareholders will offer the rest. New Century said it would use its net proceeds for general corporate purposes. The underwriters will be granted a 30-day option to buy up to 450,000 additional shares from the company. The acting lead manager of the offering will be Friedman Billings Ramsey & Co. Inc.

Bank of Boston to Acquire Connecticut Bank: Bank of Boston announced plans to buy Hartford-based Society for Savings Bancorp. Inc. for $200 million. Bank of Boston, with assets of $31 billion, proposes to exchange 0.8 shares of its common stock for each share of Society for Savings stock. At current prices, the deal would be worth about $193.9 million. Bank of Boston's stock fell $1.25 to close at $20.375 a share on the NYSE, while Society for Savings gained $2.625 at $15.

Trump Threatens to Sue Critical Brokerage: Donald Trump has again threatened legal action against a brokerage house over criticism of his casinos' financial affairs, according to sources close to the situation. Trump's latest salvo was against Advest Group Inc., warning of legal action if one of its brokers "interferes" with a debt restructuring on the Trump Castle casino in Atlantic City, N.J.

Robert Check, the former head of the mutual funds department at Advest Inc., a Hartford, Conn.-based brokerage firm, was ordered suspended for 30 days after the firm was censured for overcharging mutual funds customers on sales commissions. Advest did not admit or deny that it failed to ensure that many of its mutual funds customers received volume discounts on sales commissions, but voluntarily changed its procedure to eliminate the overcharges and refunded $627,000 to its customers.

Automobile parts and accessories retailer Chief Auto Parts Inc. plans to launch an initial public stock offering later this spring, a spokesman said Thursday. The company has alerted holders of its stock-purchase warrants that it expects to file documents for the offering with the Securities and Exchange Commission soon, the spokesman said. The number of shares, expected price and proceeds were not disclosed, and the company declined further comment.

Smartflex Systems Inc., a Tustin provider of electronics manufacturing services, said it is in discussions to be acquired by another company and has hired an advisor to oversee the process. Smartflex would not identify the company involved in the negotiations or the investment advisor. The move reflects a broader consolidation taking place in the industry, which has struggled with excess capacity and customer demands for lower prices, analysts said.